Downtown Brooklyn s second act: Q A, Part II CPEX’s Timothy King and Stahl’s Roger Fortune weigh in
From the May issue: The buzz surrounding Downtown Brooklyn’s skyline has lately reached a fever pitch. Last year, JDS and the Chetrit Group unveiled plans to build Brooklyn’s tallest tower, a 73-story residential skyscraper that would be twice as high as anything surrounding it. The investment represents a stark contrast to where the neighborhood was just over a decade ago.
Read on for the second installment of our Q A on Downtown Brooklyn with Timothy King of CPEX Real Estate and Roger Fortune of the Stahl Organization.
Timothy King Founder/managing partner, CPEX Real Estate
What kind of statement does the arrival of a supertower make about the neighborhood and where it’s headed?
It was simply a matter of timing and pricing. When we moved into our building at 81 Willoughby Street, The Brooklyner was the tallest building in Brooklyn. A few years later it was Stahl’s 388 Bridge, a year later, Avalon Bay Willoughby West. The JDS project is special. It includes the iconic landmarked Dime Savings Bank building at 9 DeKalb, which will be a very special retail venue. If you look at the combined acquisition costs for the Flatbush and DeKalb properties, take into consideration the dollar cost average by backing out the retail and stacking the air rights. I’m sure JDS and the Chetrit Group are very comfortable with their basis. These are smart guys with proven track records of executing.
How much are rents up by in the last few years and how does that compare to other neighborhoods? Is there room for more growth or will rents plateau as new product comes on l上海贵族宝贝